Subsidy

The US Public Company Accounting Oversight Board released reports stating that E&Y had produced some audits with significant deficiencies.

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Financial Times

2005

Ernst & Young will pay $100 million to Time Warner's shareholders who purchased or acquired shares of America Online or Time Warner between Jan. 27, 1999 and Aug. 27, 2002. The shareholders claim they were cheated in the merger by inflated revenue claims and improper accounting at AOL.

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CNN

2004

"E&Y engaged in improper professional conduct because it violated applicable professional standards for auditors by conduct that was both reckless and negligent"